Arpico Insurance has recorded a Gross Written Premium (GWP) of Rs.745 million for the year ended March 31, 2017.
The GWP of the company has increased 55% in the period mentioned. Arpico Insurance acting Chairman Viville Perera said the company has made remarkable progress in 2016 despite the difficult economic circumstances that prevailed in the country.
“During the first half of 2016, the company was able to record a 17% growth of the GWP. Which is a noteworthy increment from the 11.74% growth recorded in 2015,” Perera said. It was mentioned in the annual report released at the end of the financial year 2016 that the company has recorded a profit of Rs. 107 million which is a 328% growth. while the investment portfolio has increased by 27% to an admirable Rs.1160 million.
It was also recorded that Arpico Insurance recorded a 37% increase in total assets thereby gaining Rs. 25 million. The company’s life fund recorded 67% growth leading to Rs. 436 million. According to Perera the Life Insurance industry has shown a 19% growth in 2016.
“As per the latest figures published by the Insurance Board of Sri Lanka (IBSL), the life insurance industry has recorded a CAGR of 11% over the past five years up to 2015. This growth momentum is expected to continue as life insurance penetration in Sri Lanka is significantly lower compared to regional markets. For example, as per statistics published by the IBSL, only 33% of the working population have some form of insurance. This shows the potential for growth within the life insurance sector. Innovation will play a key role in driving market growth in this segment,” he said.
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